Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive. The series of reforms undertaken with respect to industrial sector, trade as well as financial sector aimed at making the economy more efficient.
Globalization has many meanings depending on the context.   In context to India, this implies opening up the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economic activity in India, removing constraints and obstacles to the entry of MNCs in India, allowing Indian companies to enter into foreign collaborations and also encouraging them to set up joint ventures abroad; carrying out massive import liberalization programs by switching over from quantitative restrictions to tariffs and import duties, therefore globalization has been identified with the policy reforms of 1991 in India.

Now the concept of localization is totally changed it’s conevertated into globalization. Go globally and think globally is the mantra of present era. Right from Manufacturing to services, thrust is on globalization. For example, Mazada’s sport car   MX-5 Maita, was designed in Californiyya, it’s proto type product is created in England, assembled in Michigan and Maxico using advanced electronic components which are invented in New Jersy, fabricated in Japan by sourcing the finance from Tokyo and New York and marketed world wide.

As you all know, for the good part of the last decade and even before, various forces in the world have been active to shape the economy of their own countries and internationally in the post Cold War world.Globalisation refers to one of the main trends of there orientation of the economy in this period and its main...